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8 Oct 2013
EUR/USD extends decline to 1.3560
FXstreet.com (San Francisco) - The Euro has extended its decline against the US Dollar as the pair broken down the 1.3570 support to test the 1.3560 level.
Currently, the EUR/USD is trading back at 1.3570, 0.07% down on the day. The short term perspective remains slightly bearish according to the FXstreet.com trend index in the 1-hour chart. Indicators such as CCI and Momentum are pointing to the south while the Stochastic and the MACD are neutral.
The US shutdown remains as the biggest news of the day with the US stocks market sinking below key support levels and adding pressure to the Greenback. "The pair trades a few pips away from yesterday’s Asian opening, maintaining a quite neutral technical stance, according to both 1 and 4 hours chart," comments Valeria Bednarik from FXstreet.com. She expects "buyers to surge on EUR/USD on dips, with risk turning bearish only on a break below 1.3460 support."
EUR/USD key levels
A breakdown of 1.3549 (MA10d) would target 1.3543 (low Oct.7) en route to 1.3538 (low Oct.4). On the flip side, the initial resistance lies at 1.3582 (high Oct.8) followed by 1.3591 (high Oct.7) and finally 1.3632 (high Oct.4).
Currently, the EUR/USD is trading back at 1.3570, 0.07% down on the day. The short term perspective remains slightly bearish according to the FXstreet.com trend index in the 1-hour chart. Indicators such as CCI and Momentum are pointing to the south while the Stochastic and the MACD are neutral.
The US shutdown remains as the biggest news of the day with the US stocks market sinking below key support levels and adding pressure to the Greenback. "The pair trades a few pips away from yesterday’s Asian opening, maintaining a quite neutral technical stance, according to both 1 and 4 hours chart," comments Valeria Bednarik from FXstreet.com. She expects "buyers to surge on EUR/USD on dips, with risk turning bearish only on a break below 1.3460 support."
EUR/USD key levels
A breakdown of 1.3549 (MA10d) would target 1.3543 (low Oct.7) en route to 1.3538 (low Oct.4). On the flip side, the initial resistance lies at 1.3582 (high Oct.8) followed by 1.3591 (high Oct.7) and finally 1.3632 (high Oct.4).